Sias urges Hyflux's senior creditors to consider giving up more for perp, pref holders

THE Securities Investors Association or Sias is urging the Hyflux board to consider an alternative restructuring plan that could see retail perp and pref shareholders recover just a bit more of their principal, if senior creditors agree to give up some of their share.

For example, if only 50 per cent of contingent claims are crystallised, the recovery rate for the remaining unsecured creditors will be about 29 per cent, Hyflux's adviser EY has said.This is because under the present scheme proposed by EY, if the contingent claims do not crystallise, 80 per cent of their allocations will be distributed to noteholders and banks. The remaining 20 per cent will be distributed to the managers of the projects for which the contingent claim is extinguished.

Mr Gerald had another complaint:"To date, no information has been provided by the company as to the identity of the management payout recipients. This is particularly troubling as the sum allocated to these recipients potentially amounts to approximately S$18.8 million in the event that all the contingent claims do not crystallise."

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